The Bank of Queensland (ASX:BOQ) increased its normalised net profit 21% to $187.4 million last financial year, thanks to strong retail deposit growth.
The company said its deposits increased 16% from the previous year.
“This strong growth in retail funding helped us build up record levels of liquidity and enabled us to focus on margins in the second half,” managing director David Liddy said.
While Liddy said the bank’s level of impaired assets had “increased in line with the deteriorating economy and the banking sector,” he added that cost-cutting efforts had left the company well placed to take advantage of the market upturn.
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